TAKEOVERS: Canada for Canadians

Long worried by overwhelming U.S.
ownership of some major industries, Canadians are trying a new tactic
for redressing the balance: they are moving to buy up foreign-owned
firms in key areas, particularly natural resources. Last week the
government-owned Canada Development Corp. made a $290 million tender
offer for shares in U.S.-owned Texasgulf Inc., a large natural-resource
company that has piled up high profits by digging deep holes in the
ground.

Texasgulf is ideally suited to be the first target in a
Canada-for-Canadians thrust. More than 20% of the stock is owned by...